THE entire Barclays board will put itself up for re-election at its next annual meeting in the face of the shareholder revolt against the bank’s controversial £7billion fundraising.

It is believed the bank has made the promise to help secure backing for the capital raising, which is to be voted on by

investors at an extraordinary meeting on Monday.

One of Barclays biggest investors said: “We certainly extracted a commitment from management that they are going to put the entire board up for vote at the next annual meeting. That’s is when you will see the accounting.”

Normally, one-third of the board stands for re-election.

The move came as the bank came under renewed fi re over the deal when a leading corporate governance adviser urged shareholders to vote it down.

Pensions & Investments Research Consultants (Pirc) said if the plan went ahead it, would mean “signifi cant dilution” for existing shareholders and offered no advantages over going to the Government for money.

The consultants also voiced reservations about the fact investors from Qatar and Abu Dhabi would end up owning about one-third of the bank when the fundraising was complete, warning they might try to infl uence the board in the future.

Pirc also noted that staying out of the Government’s hands would allow Barclays to remun erate bosses as it liked.

“Shareholders have come in for criticism during the current crisis for failing to exercise their ownership responsibilities effectively,” said Pirc managing director Allan McDougall. “At least part of the company’s investor base should send a clear, unequivocal message that they do not think this is a good solution to the bank’s situation and that it has come at a

heavy price for existing share holders.”

Pirc’s move came as Barclays held further meetings with shareholders to explain its position further. The agreements